Pune, India, June 14, 2021 (GLOBE NEWSWIRE) — The global natural language processing market size is expected to experience exponential growth by reaching USD 127.26 billion by 2028 while exhibiting a CAGR of 29.4% between 2021 and 2028. Fortune Business Insights in its report, titled, “Natural Language Processing (NLP) Market, 2021-2028.”, mentions that the market stood at USD 16.53 billion in 2020. Factors such as the increasing adoption of smart devices and the growing adoption of NLP technology in healthcare settings are expected to favor the adoption of the product globally. For instance, in January 2021, Pryon Inc, an AI company, introduced an NLP platform that aids the companies to add no-code AI capabilities and deploy NLP projects easily with the help of virtual assistants and smart devices.
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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Based on deployment, the market is trifurcated into on-premises, cloud, and hybrid. On the basis of enterprise size, the market is classified into SMEs and Large Enterprises. Moreover, based on the technology, the market is divided into interactive voice response (IVR), optical character recognition (OCR), text analytics, speech analytics, classification and categorization, pattern and image recognition, and others. On the basis of industry vertical, the market is segmented into healthcare, retail, high tech, and telecom, banking, financial services and insurance (BFSI), automotive & transportation, advertising & media, manufacturing, and others. Lastly on the basis of region, the market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
What does the Report Include?
The market for natural language processing report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as SWOT and PESTEL analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
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Increasing Demand from Healthcare Sector to Aid Growth
The growing adoption of digital technology across healthcare institutions has led to the production of significant data. It is vital to handle the data efficiently to gain data-insights. This has led to the increasing adoption of analytics-driven methodologies to easily analyze large amounts of data. Moreover, the massive amount of patient data and electronic health records has enabled the healthcare sector to adopt advanced technologies to review, search, and interpret large volumes of patient data. Therefore, the surging demand from the healthcare sector is expected to contribute to the global natural language processing (NLP) market growth during the forecast period.
North America – The region stood at USD 6.21 billion in 2020 and is expected to hold the largest global natural language processing market share in terms of revenue in the forthcoming years. This is due to the presence of established companies that are focusing on adopting advanced solutions to improve business processes in the region.
Asia-Pacific – The market in the region is expected to gain traction backed by the supportive government initiatives that promote the adoption of advanced technologies such as natural language processing in the businesses.
Product Innovation by Major Companies to Strengthen Their Market Positions
The market is segmented into several major companies striving to maintain their dominance by introducing innovative natural language processing solutions to cater to the industrial applications. Additionally, the adoption of strategies such as merger and acquisition, collaboration, and partnership by other key players is expected to boost market growth during the forecast period.
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- February 2020 – Kore.Ai announced the launch of an enterprise-grade VA platform. The platform allows developers to create virtual assistants using conversational AI techniques such as NLU, Deep Learning, NLP and Predictive Analytics.
List of the Companies Operating in this Market:
- Amazon Web Services, Inc. (Washington, United States)
- Baidu, Inc. (Beijing, China)
- Microsoft Corporation (Washington, United States)
- Hewlett Packard Enterprise Development LP (HPE) (California, United States)
- IBM Corporation (New York, United States)
- Google, Inc. (California, United States)
- Intel Corporation (California, United States)
- Inbenta (California, United States)
- SAS Institute Inc. (North Carolina, United States)
- Veritone Inc. (California, United States)
- SAP SE (Walldorf, Germany)
- Narrative Science (Narrative Science)
- Linguamatics (Cambridge, United Kingdom)
- Conversica (Washington, United States)
- SparkCognition, Inc. (Texas, United States)
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Major Table of Contents:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Natural Language Processing Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Annexure / Appendix
- Global Natural Language Processing (NLP) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Deployment (Value)
- By Enterprise Size (Value)
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
- By Technology (Value)
- Interactive Voice Response (IVR)
- Optical Character Recognition (OCR)
- Text Analytics
- Speech Analytics
- Classification and Categorization
- Pattern and Image Recognition
- Others (Auto Coding, Professional services, etc.)
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